The most popular cryptocurrency, Dogecoin (DOGE), continues to see interesting developments, not only on the price chart but also behind the scenes in the cryptocurrency scene.
According to IntoTheBlock, the past 24 hours have been marked by an increase in activity using the token on the part of major players, or as they are commonly called, whales.
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In particular, the number of transactions of at least $100 thousand has increased, with 1,950 such transactions and a total volume of $2.65 billion. In physical terms, the day was marked by the movement of 21.59 billion DOGE in these large transactions.
Source: IntoTheBlock
In comparison, the previous day, Dogecoin’s large transaction volume was over $900 million lower, and the number of DOGE coins transferred was $6.32 billion lower.
Whales buy?
Digging deeper, it can be seen that the nature of these transfers was primarily of a purchasing nature.
Source: IntoTheBlock
Thus, the flow of Dogecoin to wallets holding at least 0.1% has almost doubled over the past day, reaching 445.15 million DOGE. Meanwhile, outflows were lower than the previous day but still amounted to 386.51 million doge. As a result, the net inflow into the wallets of large Dogecoin holders reached approximately 250 million DOGE.
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Hence, we can conclude that whales were indeed active in the popular cryptocurrency during the period under review. Moreover, their actions within this activity were bullish in nature.
